External Commercial Borrowings (ECB)

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....raphs 1(B)(i)(a) and 1(B)(v) in the Annex to A.P.(DIR Series) Circular No.5 dated August 1, 2005 regarding eligible borrowers and issuance of guarantee, standby letter of credit, letter of undertaking or letter of comfort relating to External Commercial Borrowings (ECB), under the Approval Route. 2. It has been decided to clarify/modify the ECB policy as indicated below: i. Currently, ECB pr....

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....t in respect of ECB by textile companies for modernization or expansion of their textile units. Such applications will be considered under the Approval Route subject to prudential norms. 3. The amended ECB policy will come into force with immediate effect. This is subject to review. 4. Necessary amendments to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulati....